Turkiye Petrol Rafinerileri A S : 4Q Financial Results

Audited Income Statement

Audited Income Statement

(1000 TL)

(1000 USD)

01.01. 2015 - 31.12.2015

01.01.2014- 31.12.2014

% change

01.01. 2015 - 31.12.2015

01.01.2014- 31.12.2014

% change

Revenue

36.893.328

39.722.712

(7)

13.570.708

18.165.597

(25)

Cost of sales (-)

(32.718.264)

(38.459.914)

(15)

(12.034.968)

(17.588.107)

(32)

GROSS OPERATING PROFIT

4.175.064

1.262.798

231

1.535.740

577.490

166

General administrative expenses (-)

(661.458)

(545.943)

21

(243.308)

(249.665)

(3)

Marketing, selling & distribution expenses (-)

(192.855)

(169.639)

14

(70.939)

(77.578)

(9)

Research & development expenses (-)

(22.764)

(16.220)

40

(8.373)

(7.418)

13

Other operating income

142.681

173.845

(18)

52.483

79.501

(34)

Other operating expenses (-)

(688.900)

(269.098)

156

(253.402)

(123.061)

106

OPERATING PROFIT/ (LOSS)

2.751.768

435.743

532

1.012.200

199.270

408

Income/ (expense) from investment activities

2.560

(319)

(903)

942

(146)

(745)

Income from investments accounted by equity method

70.080

(16.380)

(528)

25.778

(7.491)

(444)

OPERATING PROFIT/ (LOSS) BEFORE FINANCIAL INCOME/LOSS

2.824.408

419.044

574

1.038.920

191.633

442

Financial income

862.715

498.917

73

317.338

228.160

39

Financial expenses (-)

(1.461.751)

(734.300)

99

(537.685)

(335.803)

60

PROFIT BEFORE TAXATION

2.225.372

183.661

1.112

818.573

83.990

875

Income Tax expense

338.555

1.286.460

(74)

124.533

588.311

(79)

-Tax expense for the period

(133.346)

(5.147)

2.491

(49.050)

(2.354)

1.984

-Deferred tax income/(expense)

471.901

1.291.607

(63)

173.582

590.665

(71)

PROFIT FOR THE PERIOD

2.563.927

1.470.121

74

943.106

672.301

40

Other comprehensive income

Items not to be reclassified to profit or loss

7.632

(8.670)

(188)

2.807

(3.189)

(188)

Actuarial gain/(loss) arising from defined benefit plans

9.414

(10.390)

(191)

3.463

(3.822)

(191)

Tax effect of other comprehensive income / (loss) not to be reclassified to profit or loss

(1.782)

1.720

(204)

(655)

633

(204)

Deferred Tax income/(expense)

(1.782)

1.720

(204)

(655)

633

(204)

Items to be reclassified to profit or loss

(476.853)

8.828

(5.502)

(175.404)

4.037

(4.445)

Revaluation gains of available-for-sale investments

29.479

7.094

316

10.843

3.244

234

Changes in currency translation differences

5.498

2.683

105

2.022

1.227

65

Gain/Loss on hedge

(637.390)

(559)

113.923

(234.455)

(256)

91.614

Tax effect of other comprehensive income / (loss) to be reclassified to profit or loss

125.560

(390)

(32.295)

46.186

(178)

(25.996)

- Deferred Tax income/(expense)

125.560

(390)

(32.295)

46.186

(178)

(25.996)

Other comprehensive income/(expense) after tax

(469.221)

158

(297.075)

(172.597)

72

(238.971)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

2.094.706

1.470.279

42

770.509

672.373

15

Distribution of Profit for the Period

Non-controlling interesests

13.759

11.158

23

5.061

5.103

(1)

Attributable to equity holders of the Company

2.550.168

1.458.963

75

938.045

667.199

41

Distribution of Total Comprehensive Income for the Period

-

Non-controlling interesest

13.472

11.002

22

4.955

5.031

(2)

Attributable to equity holders of the Company

2.081.234

1.459.277

43

765.554

667.342

15

Earnings per share

10,18

5,83

75

3,75

2,66

41

EBITDA CMB :

01.01. 2015 - 31.12.2015

01.01.2014- 31.12.2014

% change

OPERATING PROFIT/ (LOSS)

2.751.768

435.743

531,5

Total Depreciation

486.013

258.123

88,3

EBITDA, (1000 TRY)

3.237.781

693.866

367

EBITDA, (1000 USD)

1.190.974

317.312

275

EBITDA Alternative Method :

01.01. 2015 - 31.12.2015

01.01.2014- 31.12.2014

% change

PROFIT BEFORE TAXATION

2.225.372

183.661

1.111,7

Credit finance gains

-127.385

-144.854

-12,1

Credit finance charges

8.223

9.093

-9,6

Financial income

-862.715

-498.917

72,9

Financial expenses

1.461.751

734.300

99,1

Foreign exchange gains on trade receivables,net

-3.651

-6.233

-41,4

Foreign exchange gains on trade payables,net

613.849

149.016

311,9

Income from investment activities

-2.560

-319

702,5

Tax fines

0

54.998

-100,0

Total Depreciation

486.013

258.123

88,3

EBITDA, (1000 TRY)

3.798.897

738.868

414

EBITDA, (1000 USD)

1.397.373

337.892

314

Audited Balance Sheet

(1000 TL)

Audited Balance Sheet

(1000 TL)

Audited Balance Sheet

(1000 USD)

Audited Balance Sheet

(1000 USD)

31-Dec-2015

31-Dec-2014

% change

31-Dec-15

31-Dec-2014

% change

Current assets

8.674.981

6.991.378

24

2.983.554

3.014.955

(1)

Cash and cash equivalents

3.027.546

3.898.396

(22)

1.041.253

1.681.140

(38)

Trade receivables (net)

2.539.832

169.835

1.395

873.515

73.239

1.093

Due from related parties

658.673

7.383

8.821

226.535

3.184

7.015

Trade receivables from unrelated parties

1.881.159

162.452

1.058

646.980

70.056

824

Other receivables

25.815

30.866

(16)

8.878

13.311

(33)

Due from unrelated parties

25.815

30.866

(16)

8.878

13.311

(33)

Derivatives

18.845

64.606

(71)

6.481

27.861

(77)

Inventories

2.102.161

2.370.534

(11)

722.988

1.022.267

(29)

Prepaid expenses

132.093

124.031

6

45.430

53.487

(15)

Assets related to current period tax

4.317

1.235

250

1.485

533

179

Other current assets

824.372

331.875

148

283.523

143.117

98

Non-current assets

16.795.135

14.941.182

12

5.776.288

6.443.220

(10)

Financial investments

4.000

4.000

-

1.376

1.725

(20)

Investment accounted by equity method

762.217

726.494

5

262.146

313.293

(16)

Investment property

4.621

4.621

-

1.589

1.993

(20)

Property, plant and equipment

11.479.744

10.663.393

8

3.948.185

4.598.470

(14)

Intangible assets(net)

59.409

60.569

(2)

20.432

26.120

(22)

Other intangible assets

59.409

60.569

(2)

20.432

26.120

(22)

Derivatives

250.027

-

(31)

85.991

-

-

Prepaid expenses

179.695

260.314

22

61.802

112.258

(45)

Deferred tax assets

3.202.503

2.623.134

42

1.101.425

1.131.198

(3)

Other non-current assets

852.919

598.657

16

293.341

258.164

14

TOTAL ASSETS

25.470.116

21.932.560

16

8.759.842

9.458.174

(7)

Current Liabilities

8.828.240

8.561.001

3

3.036.264

3.691.837

(18)

Short-term financial liabilities (net

94.023

40.248

134

32.337

17.357

86

Current portion of long-term financial liabilities(net)

1.777.358

737.056

141

611.280

317.847

92

Trade payables (net)

3.878.036

5.610.001

(31)

1.333.758

2.419.251

(45)

Due to related parties

80.273

67.849

18

27.608

29.259

(6)

Other trade payables

3.797.763

5.542.152

(31)

1.306.150

2.389.992

(45)

Payables related to employee benefits

70.129

93.297

(25)

24.119

40.233

(40)

Other payables

14.288

10.282

39

4.914

4.434

11

Other payables to unrelated parties

14.288

10.282

39

4.914

4.434

11

Derivatives

40.379

68

59.281

13.887

29

47.258

Deferred income

23.111

18.701

24

7.948

8.065

(1)

Current period corporate tax provision

133.346

5.147

2.491

45.861

2.220

1.966

Short-term provisions

70.604

108.824

(35)

24.283

46.929

(48)

Employee benefits

7.952

6.870

16

2.735

2.963

(8)

Other provisions

62.652

101.954

(39)

21.548

43.967

(51)

Other current liabilities

2.726.966

1.937.377

41

937.875

835.472

12

Non-current Liabilities

8.273.427

7.158.929

16

2.836.079

3.086.997

(8)

Long-term financial liabilities(net)

8.048.039

6.977.706

15

2.767.932

3.009.059

(8)

Long-term provisions

193.973

176.023

10

66.712

75.908

(12)

Employee benefits

193.973

176.023

10

66.712

75.908

(12)

Deferred incomes

2.560

2.648

(3)

880

1.142

(23)

Other non-current liabilities

27.244

491

5.449

9.370

212

4.325

Derivatives

1.611

2.061

(22)

554

889

(38)

EQUITY

8.368.449

6.212.630

35

2.887.499

2.679.340

8

Share capital

250.419

250.419

-

86.126

107.990

(20)

Adjustment to share capital

1.344.243

1.344.243

-

462.320

579.690

(20)

Share premium

172

172

-

59

74

(20)

Other comprehensive reatined gain/loss not classified on profit and loss

(3.622)

(11.186)

(68)

(1.246)

(4.824)

(74)

Actuarial gain/(loss) arising from defined benefit plans

(3.622)

(11.186)

(68)

(1.246)

(4.824)

(74)

Other comprehensive reatained gain/loss classified on profit and loss

(410.631)

65.867

(723)

(192.832)

(9.421)

1.947

Pre-protected gain/(loss)

(510.448)

(447)

114.094

(175.556)

(193)

90.973

Currency translation differences

17.556

12.058

46

(45.567)

(32.625)

40

Financial assets fair value reserve

82.261

54.256

52

28.292

23.397

21

Restricted reserves

163.401

163.401

-

56.198

70.465

(20)

Retained earnings

4.410.959

2.884.837

53

1.517.045

1.244.054

22

Net Income for the period

2.550.168

1.458.963

75

938.045

667.199

41

Total equity attributable to equity holders of the parent

8.305.109

6.156.716

35

2.865.715

2.655.227

8

Non-controlling interest

63.340

55.914

13

21.784

24.112

(10)

TOTAL EQUITY AND LIABILITIES

25.470.116

21.932.560

16

8.759.842

9.458.174

(7)

Audited Cash Flow (1000 TL)

01.01 2015 - 31.12.2015

01.01.2014- 31.12.2014

% change

A. Cash flows from operating activities

125.246

2.435.230

(95)

Profit/(loss) before taxation

2.563.927

1.470.121

74

Adjustment for reconciliation of profit/(loss) before taxation

1.520.377

(293.828)

(617)

- Adjustment for depreciation and amortisation expense

486.013

258.123

88

- stock depreciation

11.910

90.204

(87)

- Adjustment for provisions

83.933

101.242

(17)

- Adjustment for interest income and expense

348.864

157.114

122

- Adjustment for value gain or loss

69.121

(64.606)

(207)

- Adjustment for income of investments accounted by equity method

(70.080)

16.380

(528)

- Adjustment for deferred tax income

(338.555)

(1.286.460)

(74)

- Adjustment for gain/loss on sales of property, plant and equipment,net

(2.560)

319

(903)

- Adjustment for other items related with cash flow of investment or financial activities

924.395

438.328

111

- Other adjustments

7.336

(4.472)

(264)

Changes in working capital

(3.855.384)

1.607.179

(340)

- Adjustment for increase/decrease in Inventories

256.463

995.562

(74)

- Adjustment for increase/decrease in trade receivables

(2.377.053)

1.791.340

(233)

- Adjustment for increase/decrease in other receivables related with operations

(704.551)

(7.290)

9.565

- Adjustment for increase/decrease in trade payables

(1.730.771)

(1.183.719)

46

- Adjustment for increase/decrease in other payables related with operations

700.528

11.286

6.107

Cash flows from operating activities

228.920

2.783.472

(92)

- Tax payments/returns

(8.229)

(6.083)

35

- Payment for penalty

(54.998)

(309.011)

(82)

- Other cash inflow/outflow

(40.447)

(33.148)

22

B. Cash flows from investing activities

(888.504)

(2.187.284)

(59)

Cash inflows from the sale of property, plant and equipment and intangible assets

2.962

343

764

Cash outflows from the purchase of property, plant and equipment and intangible assets

(961.466)

(2.257.627)

(57)

Dividends received

70.000

70.000

-

C. Cash flows from financing activities

(248.980)

(124.410)

100

Cash inflows from financial liabilities

37.123

421.841

(91)

Dividend paid

6.046

(396.163)

(102)

Interest received

189.509

136.237

39

Interest paid

(469.566)

(286.325)

64

Before net increase/decrease in cash and cash equivalents before the effect of foreign c

(1.012.238)

123.536

(919)

D. Impact of foreign currency translation differences on cash and cash equivalents

Net increase/decrease in cash and cash equivalents

1.012.238

123.536

719

E. Cash and cash equivalents at beginning of period

3.211.406

3.087.870

4

Cash and cash equivalents at end of period

2.199.168

3.211.406

(32)

Products

12 M 2015

12 M 2014

2015/2014

mton %

LPG

903.629

701.693

201.936

28,8

NAPTHA

262.889

99.679

163.210

163,7

SOLVENT

10.438

4.732

5.706

120,6

GASOLINES

5.559.662

4.346.464

1.213.198

27,9

JET FUEL

5.016.824

3.550.361

1.466.463

41,3

KEROSENE

108.898

59.751

49.148

82,3

GASOIL

8.218.847

5.307.201

2.911.646

54,9

FUEL OIL

2.906.758

3.482.647

(575.889)

(16,5)

ASPHALTS

2.876.084

1.920.186

955.898

49,8

HVGO

61.498

150.135

(88.637)

(59,0)

LUBE OIL

133.436

114.347

19.089

16,7

SULPHUR

248.479

131.911

116.569

88,4

COKE

473.405

0

473.405

OTHERS

144.351

21.264

123.087

578,9

TOTAL

26.925.198

19.890.370

7.034.828

35,4

Products

12 M 2015

12 M 2014

2015/2014

mton %

LPG

1.060.427

825.497

234.931

28,5

NAPTHA

273.049

136.502

136.547

100,0

SOLVENT

5.710

2.591

3.119

120,4

GASOLINES

5.574.320

4.323.159

1.251.161

28,9

JET FUEL

5.028.644

3.861.018

1.167.626

30,2

KEROSENE

56.766

39.889

16.877

42,3

GASOIL

9.239.054

6.799.605

2.439.448

35,9

FUEL OIL

3.741.719

3.962.196

(220.478)

(5,6)

ASPHALTS

2.876.379

1.947.349

929.030

47,7

HVGO

0

0

0

0,0

LUBE OIL

126.433

121.818

4.615

3,8

SULPHUR

242.766

135.685

107.080

78,9

COKE

468.945

0

468.945

OTHERS

45.172

39.171

6.001

15,3

TOTAL

28.739.384

22.194.481

6.544.903

29,5

Products

12 M 2015

12 M 2014

2015/2014

mton %

LPG

29.579

22.988

6.591

28,7

NAPTHA

26.867

14.881

11.986

0,0

GASOLINES

3.531.928

2.492.661

1.039.267

41,7

JET FUEL

280.056

28.650

251.406

0,0

GASOIL

69.443

99.906

(30.463)

(30,5)

FUEL OIL

2.550.936

2.670.296

(119.360)

(4,5)

WHITE SPIRIT

5.113

1.928

3.185

0,0

ASPHALTS

0

0

0

0,0

HVGO

0

0

0

0,0

LUBE OIL

0

2.122

(2.122)

0,0

TOTAL

6.493.923

5.333.432

1.160.491

21,8

Products

12 M 2015

12 M 2014

2015/2014

mton %

LPG

1.030.848

802.509

228.339

28,5

NAPTHA

246.181

121.621

124.560

102,4

SOLVENT

5.710

2.591

3.119

120,4

GASOLINES

2.042.393

1.830.498

211.895

11,6

JET FUEL

4.748.587

3.832.368

916.220

23,9

KEROSENE

56.766

39.889

16.877

42,3

GASOIL

9.169.611

6.699.699

2.469.912

36,9

FUEL OIL

1.190.783

1.291.900

(101.118)

(7,8)

ASPHALTS

2.871.266

1.945.421

925.845

47,6

LUBE OIL

126.433

119.696

6.737

5,6

SULPHUR

242.766

135.685

107.080

78,9

COKE

468.945

468.945

OTHERS

45.172

39.171

6.001

15,3

TOTAL

22.245.461,25

16.861.049

5.384.412

31,9

Crude Oil Processed

27.559.446

20.043.558

7.515.888

37

Capacity Utilization rate,%

98,1

71,3

Total Processed

28.806.735

21.050.190

7.756.546

37

Total Capacity Utilization rate,%

102,5

74,9